Regulatory Alerts2020-08-09
Added · Updated
FEPD Circular No. 32: Deposit products for Non-Resident Bangladeshis (NRBs) working abroad
Authorized Dealers are permitted to introduce taka-denominated deposit products for Non-Resident Bangladeshis with tenors of one year or more, including accounts without initial installments for those proceeding abroad for employment. Deposits must be credited in taka from wage remittances, foreign currency tendered during temporary visits, or transfers from foreign currency accounts, with interest rates set at commercially competitive levels. The circular allows for taka loans against these deposits as lien, outlines procedures for permanent residents to convert accounts to resident products, and permits repatriation of payments for subsistence expenses upon application to Bangladesh Bank.
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